S. Korea earmarks 21.2 billion won to support media content providers

South Korea's ICT ministry will provide 21.2 billion won to support the production of local broadcast content this year, focusing on over-the-top (OTT) or video streaming content, in a bid to boost next-generation media services.

The ministry will allocate 5.1 billion won to support short-form videos and cross-media content.

It will aside 10.3 billion won for content for overseas markets and public service broadcasts such as documentaries, and 5.75 billion won to develop next-generation media content, such as those that incorporate augmented reality, artificial intelligence, and 5G technology.

South Korea's video streaming market has grown rapidly in recent years, with the platform's usage rate accelerating from 42.7 percent in 2018 to 52.0 percent in 2019, according to the Korea Communications Commission.